Thursday, November 18, 2010 9:40:05 AM
As I have implied here previously, the caveats (warnings), if there are any, will be buried in the footnotes to the CPA’s audit report if not in the auditor’s opinion itself. Accordingly, it is difficult to speculate without seeing the audit report, but one of the caveats could be the “going concern” nature of the audit report’s presentation. Since the Company has no income, minimal tangible assets and little if any common shareholders’ equity, at least in my humble opinion, I’m assuming that the CPA may have issued what is called a “going concern” opinion regarding the 2009 audit.
The following paragraph is lifted from Wikipedia regarding an auditor’s “Going Concern” opinion:
http://en.wikipedia.org/wiki/Auditor%27s_report#Going_concern
It’s "sinful" how long it has taken management to get their 2009 audit report completed and even worse that they won’t release their current interim financials to public scrutiny. You can clearly see how well management’s nonreporting strategy has served the sister company, a true penny stock.
I have also previously mentioned my concerns regarding the accuracy if not the integrity of management’s previously issued financials, including the muddled mess on the internally prepared (unaudited) 2009 financial statements. You can review my earlier comments at post #5868.
If I were a glass half full gal with a long position in AWSL, I would sit tight and wait and wait and wait to see what happens, since the potential herein appears to be explosive on the upside. However, with the lack of fiscal transparency and management’s “deer in the headlights” style of corporate governance including the long delay in releasing the 2009 audit report, I’m content sitting on the sidelines waiting to see what happens next. Day dreaming about institutional investors getting aboard the AWSL vessel seems a fantasy to me, since they, the institutional investors, presumably are even more cautious than I as they should be. In short, trust management, but verify their progress using their annual audit reports and interim financial statements.
In summary, I’m trapped here doing endless due diligence with few verifiable facts to work with other than PR fluff and message board hype. At least current shareholders may be mollified if they could only have another stock dividend if construction won’t start until next spring…
Let’s see the audit report and some current interim financial statements.
Gilda
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